Tax benefit for loan against property Tax benefit for loan against property

2 years ago

We have a plot on which we wanted to build 1 BHK. Hence now we have taken a loan against that plot around 15 Lac and started for the construction. I wanted to know can I get any tax benefit on such type of loan against property?

Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.hey,
Yes, a loan against property enables you to save on the tax amount payable. ... You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred.
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Anik

Responded 2 years ago

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A.hey,
Yes, a loan against property enables you to save on the tax amount payable. ... You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred.
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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
Please consult Chartered Accountant.
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Anish Palkar

Responded 2 years ago

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A.Yes. You can get tax benefit on such type of loan against property provided you have Form 16.

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